The direct pay of lower-level executives at each firm -- the five senior executives, plus the next 20 highest earners -- will actually be cut 10% on average from 2011 levels.

Still, the executives will earn quite a bit of dough. The top employee at GM -- who is not named, but presumably is CEO Daniel Akerson -- will bring home $9 million.

The lowest paid executive on GM's list will earn $1.3 million.

Treasury says the firms are inching closer to paying off their loans. AIG has reduced its obligations by 75%, while half of the TARP funds given to GM have been repaid. Ally Financial, formerly known as GMAC, has only repaid one-third.